Colombia Trade October 2016

Colombia: Exports contract slightly in October

December 2, 2016

In October, Colombian exports shrank 3.8% from the same month last year, which followed the 5.6% contraction recorded in September. Colombia’s exports have declined every month since October 2014—except for in August 2016.

According to the National Statistical Office (DANE), October’s result continued to reflect a decrease in the value of exported hydrocarbons—which make up around half of the total value of exports—and a sharp drop in agricultural exports.

Imports declined 12.0% in September (the most recent month for which data are available), which was more severe than August’s 5.3% contraction. The trade deficit totaled USD 1.1 billion in September, which was smaller than the USD 1.4 billion gap registered in the same month last year.

Panelists participating in the LatinFocus Consensus Forecast expect that exports will contract 9.4% in 2016 and expand 9.0% in 2017.

Author:Luis Lopez Vivas, Economist

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